GOLD Technical Analysis D1 | Our expectations:
Multiple Top formation breakout and test with price under diagonal and horizontal resistance, where we can enter short with SL at 1331.00.
The price also tests 200SMA breakout, which is an additional negative signal.
50% Fibonacci of the last impulse supports the short position probability.
DeM (14) has reverses below 0.3 but there is a fluctuation as a breakthrough below 0.3 will accelerate the downward movement.
The fundamentals remain for a strong dollar, which is gold negative.
Alternative Scenario: If the price goes back above 50 SMA this will break the negative scenario and probably the bulls will return to possession.
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.